Philly Fed Manufacturing Due Out Thursday For Trade Opp

Once a month, the manufacturing index from the Philadelphia area is released by the Federal Reserve Bank of Philadelphia. This bank is one of 12 Reserve Banks that are part of the Federal Reserve System. This index is based on results from manufacturers in that area, surveyed on business conditions. This is a leading indicator of economic health. Based on previous market reaction, an Iron Condor strategy trade can be placed using Nadex EUR/USD spreads.

The underlying EUR/USD market tends to make a move and then pulls back after this news is released. The Iron Condor strategy buys a spread with the ceiling where the market is trading at the time and sells a spread with the floor where the market is trading at the time. This news is released at 8:30 a.m. ET, Thursday, August 18.

Using the Apex spread scanner, simply look in the Risk/Reward column to identify spreads with the right profit potential amount. Then, verify the other parameters are met. Below is a sample screenshot of the spread scanner displaying Nadex EUR/USD spreads.

To view a larger image click HERE.

For stops, simply double the profit potential. In this case, it would add up to around 50. Then, place your stops 50 pips above and below. The breakeven points are 26 pips above and below where the market was at entry.

Free access to the Apex spread scanner and day trading education is available at Apex Investing.